Excite

How long transfer money between banks

Banks love nothing more than making money from doing what they’re supposed to do anyway. Charging you for sending cash around the world is a favourite of all banking institutes but they also love to charge a little extra to guarantee quicker payments. If you’re asking: how long to transfer money between banks? you’ve probably got a decent amount to send. Thankfully we’ve had a quick look into for you, and unlike the banks our time doesn’t cost you anything.
    YouTube.com

Same bank

As we already know, if you send cash between various accounts within the same bank, you can expect to see it on the same day. In fact most banks say that you’ll see the cleared funds within 2 hours of the transaction happening. In reality, it’s pretty much instantaneous, although you might need to log out and back into an online account to see the transferred amount.

Faster Payments Service

Online transfers made to other banks will often arrive on the same day as the money was sent, but that’s only if the bank is part of the Faster Payments Service. This service basically takes away a lot of the administration that held up payments but there are limits to it. The maximum amount you can remit is £100,000. The service is only available with Barclays Bank, Citibank, Clydesdale Bank. Co-Operative Bank, HSBC, Lloyds Bank, Nationwide Building Society, Royal Bank of Scotland Group (which includes NatWest and Ulster Bank) and Santander.

Fastest ways

If the recipient bank is not part of the Faster Payments Service, you’ll need to send a CHAPS payment is you want to make a same day transfer. There are fees attached to this sort of transaction (but you could always pass those onto the receiver if they’re so keen to be paid). You’re other choice is a BACS transfer. This is the normal process that businesses use to send payments. This service takes 3 full working days to get the money across to the recipient’s bank account.

United Kingdom - Excite Network Copyright ©1995 - 2017